Market Research Future (MRFR) has published a cooked research report on the “Global Underwater Warfare Market” that contains information from 2019 to 2032. The underwater warfare market is estimated to register a CAGR of 7.00% during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global underwater warfare market - Aish Technologies, ATLAS ELEKTRONIK, General Dynamic Corporation, ASELSAN, BAE Systems plc, Elbit Systems Ltd, Saab AB, Naval Group, Huntington Ingalls Industries, Northrop Grumman Corporation, L3Harris Technologies, Raytheon Technologies, Thales, and Thyssenkrupp AG.
Underwater Warfare Market Highlights
The global underwater warfare market is accounted to register a CAGR of 7.00% during the forecast period and is estimated to reach USD 41.751 billion by 2032.
The growth in demand for covert underwater warfare, the creation of underwater drones for underwater warfare, and government support for improving underwater warfare capabilities are the primary drivers of the global underwater warfare market. Nevertheless, the operational complexity of autonomous underwater systems and the high initial and recurring costs of attack submarines hinder market expansion. On the other hand, it is anticipated that the growth of the global market would be aided by profitable market opportunities brought about by the development of lightweight torpedoes and higher defense spending over the projected time.
Segment Analysis
The global underwater warfare market has been segmented into system, capability, and platform.
On the basis of system, the market is segmented into Unmanned Systems, Sonar Systems, Electronic Warfare Systems, Weapons Systems, and Communications Systems. The weapons system segment was attributed to holding the largest market share in 2023. More and more complex weapon systems, such as guided torpedoes, mines, depth charges, and rocket guns, are required to confront possible underwater threats. The reason the market is rising is because naval forces all over the world are investing more money in the creation and use of state-of-the-art weapons in an effort to maintain control over the underwater domain.
Based on capability, the global underwater warfare market has been segmented into Support, Protect, Attack, and Others. The protect segment was expected to hold the largest market share in 2023, driven by a number of factors, such as the growing significance of safeguarding vital infrastructure and the escalating risks posed by improvised explosive devices (IEDs) and underwater mines.
Based on platform, the global underwater warfare market has been segmented into Surface Ships, Naval Helicopters, and Submarines. The submarines segment was expected to hold the largest market share in 2023, driven by the quickening pace of technological development. Submarines play a major role in underwater warfare by performing a multitude of tasks. As a result of increased submarine development based on technological breakthroughs—such as nuclear capabilities, longer sonar detection ranges, autonomous vehicles, and stealth submarines—the market is growing.
Regional Analysis
The global underwater warfare market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe underwater warfare market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The underwater warfare market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World underwater warfare market comprises the Middle East, Africa, and Latin America.
The largest market share for underwater warfare was maintained by the North American regional sector. Because of the region's high defense budget focus, there has been a large investment in underwater warfare technologies. Moreover, North America is the home of a number of significant defense contractors and tech firms that are leading the way in the creation of cutting-edge underwater warfare equipment. The need for state-of-the-art underwater warfare capabilities is further fueled by the region's sizable and highly developed navy.
Moreover, the Europe market has been persistently growing over the forecast period. Europe as a whole is investing more in research and development to implement advanced underwater technology, such as enhanced sonar systems, autonomous underwater vehicles (AUVs), and unmanned underwater vehicles (UUVs). The modernization and enlargement of their naval forces are top priorities for European nations. The region's combined development of underwater warfare capabilities is facilitated by the cooperative efforts of NATO programs and European Union member states.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period, driven by growing sea tensions. China, in particular, is modernizing its submarine fleet at a rapid pace, posing a threat to the traditional naval powers. Significant investments are also being made in cutting-edge underwater technologies by countries like Australia, Japan, and India. The Asia-Pacific region is strategically significant due to its contested waters and commerce routes, which serve as a hub for breakthroughs in underwater warfare.
Furthermore, the rest of the world's underwater warfare market is divided into the Middle East, Africa, and Latin America. Although the rest of the world has historically placed less emphasis on underwater warfare, maritime security is becoming increasingly important. Countries like South Africa and Israel are allocating resources to anti-submarine warfare and submarine projects in order to safeguard their crucial maritime interests. The region's changing security interests and geopolitical dynamics are factors in the expanding importance of underwater warfare globally.
Key Findings of the Study
- The global underwater warfare market is expected to reach USD 41.751 billion by 2032, at a CAGR of 7.00% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market because of its disputed waterways and trade routes, which act as a center for advancements in underwater warfare.
- Based on system, the weapons systems segment was attributed to holding the largest market in 2023, with an approximate market share of 45–65%.
Aish Technologies, ATLAS ELEKTRONIK, General Dynamic Corporation, ASELSAN, BAE Systems plc, Elbit Systems Ltd, Saab AB, Naval Group, Huntington Ingalls Industries, Northrop Grumman Corporation, L3Harris Technologies, Raytheon Technologies, Thales, and Thyssenkrupp AG are the key market players.
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Companies Covered | 15 |
Pages | 128 |
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